Backs to the wall: Oil exporting countries double down on fossil fuel subsidies

Indeed, it is a huge challenge. Re-tooling and diversifying developing economies geared around oil rents is a challenge that is as old as the industry itself. Consumer-side regulation will be key: the EU has a pivotal leadership role to play e.g. via carbon border tax, methane standards etc. Market power is shifting from the energy supply side to the buyer side, so importing countries have an opportunity to raise the emissions bar of the products they buy and set global standards. If there was an OPEC for oil importing countries, this would be a good place to start.